Canadian Solar has given its project pipeline a shot in the arm with the award of 185MW of capacity in Brazil.
The company said in its latest quarterly results that it had a late-stage, utility-scale pipeline of 2.4GW. The award of government-backed, 20-year contracts for a further 185MW in Brazil is a significant addition.
“This win in Brazil demonstrates the strength of our global project development capabilities, and positions us well to become a solar energy leader in this important emerging market,” said Shawn Qu, chairman and CEO of Canadian Solar. “Brazil has significant solar resources and a large energy market, which provides us with an opportunity to establish our brand, take market share and deliver good results for our shareholders.”
Canadian Solar’s bid was BR298.58/MWh (US$79.5), lower than the average price of successful projects, which stood at BR301.79/MWh (US$80.31/MWh).
The company is continuing to assess the development of a yieldco, adding in its recent results conference call that it was also assessing alternative options.